A message from the Permian Basin (Tx) oil producers

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Re: A message from the Permian Basin (Tx) oil producers

#26

Post by CentralTexasCrude »

stonedmegman wrote: Mon Jun 20, 2022 12:06 am A barrel of crude today was $110. In 2014 it was $120.

So why is gas roughly $2/gal more than then? Explain.
A barrel of crude "Today". "Sometime" in 2014. Totally different circumstances. "Today"- booming Worldwide demand bouncing back from a worldwide shutdown of the entire World economy over a virus scare. In the early Summer of 2014, the Saudi's declared an oil economic war with US producers over their surging shale production, especially in the Permian Basin of W Tx/ E NM by flooding the market with crude. Oil dropped from $120 to $30 within 4 months. It didn't work out well for them. It trimmed the fat for US producers with consolidation, prudent investment decisions, getting rid of the slack, etc. Saudi's lost so bad, by 2019 the US was the top oil producer on Earth and the Saudi's selected a Prince to wean their economy off oil over the next 50 years knowing the party was over. Move toward renewables, high tech, like the UAE.
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Re: A message from the Permian Basin (Tx) oil producers

#27

Post by CentralTexasCrude »

Animal wrote: Mon Jun 20, 2022 12:20 am
CentralTexasCrude wrote: Sun Jun 19, 2022 8:11 pm Way too early to say if my prediction is coming true, but I just filled up to head back to work in W Texas this week and the price has dropped 30 cents/gallon in the last week- same store location. Of course, at these prices a huge reduction in demand has to be factored in and people cut out all unnecessary driving. Hopefully the peak may be passing.
gas around me has not dropped 30 cents in the past week. It has not dropped 3 cents. I just filled up today and hit $130 on my pickup. Diesel prices at my office have not dropped any, they are going up every time i get a new invoice. I think that red diesel is around $4.70/gallon or maybe a bit over that right now.
It's dropped 30 cents in this area in the last week. I used to fill my tank full to brimming the last 3 months before I headed to W Texas because the price out there was like 50 cents more. The last 2 weeks it's been almost equal. I would suggest patience- takes time to shake the price differences out, I guess.
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Re: A message from the Permian Basin (Tx) oil producers

#28

Post by FSchmertz »

Animal wrote: Mon Jun 20, 2022 12:20 am
CentralTexasCrude wrote: Sun Jun 19, 2022 8:11 pm Way too early to say if my prediction is coming true, but I just filled up to head back to work in W Texas this week and the price has dropped 30 cents/gallon in the last week- same store location. Of course, at these prices a huge reduction in demand has to be factored in and people cut out all unnecessary driving. Hopefully the peak may be passing.
gas around me has not dropped 30 cents in the past week. It has not dropped 3 cents. I just filled up today and hit $130 on my pickup. Diesel prices at my office have not dropped any, they are going up every time i get a new invoice. I think that red diesel is around $4.70/gallon or maybe a bit over that right now.
Gasoline has been dropping here in New Jersey, though only a few cents so far. Places that used to be $4.89 are $4.77 now.
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Re: A message from the Permian Basin (Tx) oil producers

#29

Post by CentralTexasCrude »

Yeah, I started this thread a few days ago thinking with surging production and obvious demand reductions due to price that we would probably see some relief soon. Hope its in time and enough that people will go ahead and take those Summer trips later. A lot of tourists spots from Disney down to Mom and Pops got hammered for 18 months due to Covid shutdown. They need the business bad.
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Re: A message from the Permian Basin (Tx) oil producers

#30

Post by Hydroseismic »

Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
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Re: A message from the Permian Basin (Tx) oil producers

#31

Post by CentralTexasCrude »

Hydroseismic wrote: Mon Jun 20, 2022 1:10 am Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
How's the exploration side going? You guys and gals find the oil that we need tomorrow.
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Re: A message from the Permian Basin (Tx) oil producers

#32

Post by Hydroseismic »

CentralTexasCrude wrote: Mon Jun 20, 2022 1:31 am
Hydroseismic wrote: Mon Jun 20, 2022 1:10 am Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
How's the exploration side going? You guys and gals find the oil that we need tomorrow.
Yep, looking so good we picked up another 250 square miles of prospect. Virgin land
Last edited by Hydroseismic on Mon Jun 20, 2022 2:16 pm, edited 1 time in total.
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Re: A message from the Permian Basin (Tx) oil producers

#33

Post by Animal »

Hydroseismic wrote: Mon Jun 20, 2022 1:10 am Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
That is crazy. I buy most of my diesel (off road) in bulk (about $0.45/gal cheaper than on road). Looking at receipts that I have gotten recently:

6-15-2022 - $4.71/gal (that price should make on road about $5.16/gal)
6-14-2022 - $4.71/gal
6-13-2022 - $4.61/gal
6-9-2022 - $4.61/gal
6-8-2022 - $4.61/gal
5-31-2022 - $4.42/gal
5-27-2022 - $4.42/gal
5-24-2022 - $4.42/gal
5-20-2022 - $4.42/gal
5-18-2022 - $4.62/gal
5-17-2022 - $4.72/gal
5-13-2022 - $4.72/gal
5-12-2022 - $4.72/gal
5-6-2022 - $4.62/gal
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Re: A message from the Permian Basin (Tx) oil producers

#34

Post by Hydroseismic »

Animal wrote: Mon Jun 20, 2022 2:15 pm
Hydroseismic wrote: Mon Jun 20, 2022 1:10 am Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
That is crazy. I buy most of my diesel (off road) in bulk (about $0.45/gal cheaper than on road). Looking at receipts that I have gotten recently:

6-15-2022 - $4.71/gal (that price should make on road about $5.16/gal)
6-14-2022 - $4.71/gal
6-13-2022 - $4.61/gal
6-9-2022 - $4.61/gal
6-8-2022 - $4.61/gal
5-31-2022 - $4.42/gal
5-27-2022 - $4.42/gal
5-24-2022 - $4.42/gal
5-20-2022 - $4.42/gal
5-18-2022 - $4.62/gal
5-17-2022 - $4.72/gal
5-13-2022 - $4.72/gal
5-12-2022 - $4.72/gal
5-6-2022 - $4.62/gal
It differs so much from place to place store to store. I'm not sure if it's relative to distance from refinery
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Re: A message from the Permian Basin (Tx) oil producers

#35

Post by Animal »

Hydroseismic wrote: Mon Jun 20, 2022 2:18 pm
Animal wrote: Mon Jun 20, 2022 2:15 pm
Hydroseismic wrote: Mon Jun 20, 2022 1:10 am Diesel was 5.60 last month and now it's 5.19. It's dropping slowly.
That is crazy. I buy most of my diesel (off road) in bulk (about $0.45/gal cheaper than on road). Looking at receipts that I have gotten recently:

6-15-2022 - $4.71/gal (that price should make on road about $5.16/gal)
6-14-2022 - $4.71/gal
6-13-2022 - $4.61/gal
6-9-2022 - $4.61/gal
6-8-2022 - $4.61/gal
5-31-2022 - $4.42/gal
5-27-2022 - $4.42/gal
5-24-2022 - $4.42/gal
5-20-2022 - $4.42/gal
5-18-2022 - $4.62/gal
5-17-2022 - $4.72/gal
5-13-2022 - $4.72/gal
5-12-2022 - $4.72/gal
5-6-2022 - $4.62/gal
It differs so much from place to place store to store. I'm not sure if it's relative to distance from refinery
Yeah. And espcially those diesel prices and especially when you are in some remote area.
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Re: A message from the Permian Basin (Tx) oil producers

#36

Post by Animal »

I just got a new record diesel price on two bills for bulk red diesel. $4.91/gal That's a 20 cent increase over the last bill I got a few days ago.
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Re: A message from the Permian Basin (Tx) oil producers

#37

Post by CentralTexasCrude »

Animal wrote: Wed Jun 22, 2022 5:31 pm I just got a new record diesel price on two bills for bulk red diesel. $4.91/gal That's a 20 cent increase over the last bill I got a few days ago.
Did you see any decrease at the pumps this week up there?
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Re: A message from the Permian Basin (Tx) oil producers

#38

Post by Animal »

CentralTexasCrude wrote: Wed Jun 22, 2022 9:33 pm
Animal wrote: Wed Jun 22, 2022 5:31 pm I just got a new record diesel price on two bills for bulk red diesel. $4.91/gal That's a 20 cent increase over the last bill I got a few days ago.
Did you see any decrease at the pumps this week up there?
not that i noticed. I think it was $4.79/gal when I filled up last.
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Re: A message from the Permian Basin (Tx) oil producers

#39

Post by Antknot »

Biden is talking a 3 month gas tax "holiday". Any bets that it ends just after election day?
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Re: A message from the Permian Basin (Tx) oil producers

#40

Post by CentralTexasCrude »

Animal wrote: Wed Jun 22, 2022 10:49 pm
CentralTexasCrude wrote: Wed Jun 22, 2022 9:33 pm
Animal wrote: Wed Jun 22, 2022 5:31 pm I just got a new record diesel price on two bills for bulk red diesel. $4.91/gal That's a 20 cent increase over the last bill I got a few days ago.
Did you see any decrease at the pumps this week up there?
not that i noticed. I think it was $4.79/gal when I filled up last.
But that was last weekend, right? I mean since then.
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Re: A message from the Permian Basin (Tx) oil producers

#41

Post by CentralTexasCrude »

Antknot wrote: Wed Jun 22, 2022 11:22 pm Biden is talking a 3 month gas tax "holiday". Any bets that it ends just after election day?
Doesn't matter. It's DOA like this current President. Obama called the same thing a "stunt" in his first term. Both Schummer and Pelosi issued statements today essentially saying "Not happening".
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Re: A message from the Permian Basin (Tx) oil producers

#42

Post by Animal »

CentralTexasCrude wrote: Wed Jun 22, 2022 11:43 pm
Animal wrote: Wed Jun 22, 2022 10:49 pm
CentralTexasCrude wrote: Wed Jun 22, 2022 9:33 pm
Animal wrote: Wed Jun 22, 2022 5:31 pm I just got a new record diesel price on two bills for bulk red diesel. $4.91/gal That's a 20 cent increase over the last bill I got a few days ago.
Did you see any decrease at the pumps this week up there?
not that i noticed. I think it was $4.79/gal when I filled up last.
But that was last weekend, right? I mean since then.
i filled up Sunday.
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Re: A message from the Permian Basin (Tx) oil producers

#43

Post by CentralTexasCrude »

Like I said- last weekend. 4 days ago. And you haven't checked the gas prices since?
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Re: A message from the Permian Basin (Tx) oil producers

#44

Post by Animal »

nope.
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Re: A message from the Permian Basin (Tx) oil producers

#45

Post by CentralTexasCrude »

Animal wrote: Thu Jun 23, 2022 12:31 amnope.
Well, it's steady out here at least. I only get home on weekends. It dropped 30 cents last one. Could be 20 cent increase next few days. Who knows?
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Re: A message from the Permian Basin (Tx) oil producers

#46

Post by Animal »

CentralTexasCrude wrote: Thu Jun 23, 2022 12:59 am
Animal wrote: Thu Jun 23, 2022 12:31 amnope.
Well, it's steady out here at least. I only get home on weekends. It dropped 30 cents last one. Could be 20 cent increase next few days. Who knows?
if i was betting i would say it will drop a bit. I heard today that the price of Crude was down over $6 per barrel. That's a 6% decrease. 6% of $5.00 is about 30 cents.
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Re: A message from the Permian Basin (Tx) oil producers

#47

Post by CentralTexasCrude »

Like I said starting a week ago, with production increasing and demand crashing, a slow steady price reduction seemed in the cards.
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Re: A message from the Permian Basin (Tx) oil producers

#48

Post by Animal »

CentralTexasCrude wrote: Thu Jun 23, 2022 2:08 am Like I said starting a week ago, with production increasing and demand crashing, a slow steady price reduction seemed in the cards.
But Biden is going to have a talk to the Saudi's. That's what the reason will be.
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Re: A message from the Permian Basin (Tx) oil producers

#49

Post by CentralTexasCrude »

Animal wrote: Thu Jun 23, 2022 7:54 pm
CentralTexasCrude wrote: Thu Jun 23, 2022 2:08 am Like I said starting a week ago, with production increasing and demand crashing, a slow steady price reduction seemed in the cards.
But Biden is going to have a talk to the Saudi's. That's what the reason will be.
The Saudi's are so 20th Century.
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Re: A message from the Permian Basin (Tx) oil producers

#50

Post by kwebber »

Antknot wrote: Wed Jun 22, 2022 11:22 pm Biden is talking a 3 month gas tax "holiday". Any bets that it ends just after election day?
I'm assuming the only "gas tax holiday" he could do for you is a federal gas tax holiday? If so that would save you 18.4 cents a gallon. What are you going to do with that windfall?
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